Indian auto giant Mahindra and Mahinda has reportedly expressed an interest to buy the legendary Italian luxury car designer Pininfarina, according to reports.

The Italian firm confirmed Mahindra’s interest but said there are no binding agreements as yet.

Reuters quoted a Pininfarina source as saying that a possible deal would need the baking of the company’s controlling shareholder Pincar and of the group’s creditor banks.

Founded in 1930, Pininfarina is responsible for some of the most beautiful cars ever produced – from the achingly beautiful Maserati A6 of the 1940’s through the legendary Ferrari 250 series of the 1960’s and 70’s all the way to more contemporary designs such as the stylish Volvo C70.

A deal with Mahindra and Mahindra would be a welcome boon for both companies.

Pininfarina has lost money for 10 of the past 11 years and is in urgent need of investment. Mahindra and Mahindra – part of the cars to defence and energy conglomerate Mahindra Group – desperately needs the kind of design flair that Pininfarina is famed for as the Indian company looks to expand overseas.